Transgene Announces Third Quarter Financial Results
TRGNY 1.85 +0.15
Thursday November 8, 12:00 am Eastern Time
Press Release
SOURCE: Transgene
Transgene Announces Third Quarter Financial Results
STRASBOURG, France, Nov. 8 /PRNewswire/ -- Transgene (Nasdaq: TRGNY; Nouveau Marche: TRANSGENE) today announced financial results for the third quarter ended September 30, 2001.
Transgene reported a net loss of euro 4.4 million (US $4.0 million) in the third quarter of 2001, compared to a net loss of euro 7.6 million (US $6.4 million at the then prevailing exchange rate) in the third quarter of 2000. This reflects the effect of non-recurring administrative expenses incurred only in 2000 and a decrease in operating expenses resulting from ongoing cost control measures.
Transgene had total revenues of euro 0.1 million (US $0.1 million) in the third quarter of 2001, compared to euro 0.6 million (US $0.5 million at the then prevailing exchange rate) for the same period in 2000.
Cash and cash equivalents at September 30, 2001 totaled euro 78.2 million (US $71.2 million).
``During the third quarter, Transgene advanced the development of several of its product candidates,'' stated Gilles Belanger, Chief Executive Officer. ``Transgene expects to commence additional clinical trials in the fourth quarter.''
Following is an update on the progress of Transgene's clinical trial program:
* Transgene initiated in June 2001 a Phase I clinical trial of its
Ad-IL2 product candidate to evaluate tolerance and safety of repeated
intratumoral administration of AD-IL2 in patients with melanoma or
other solid tumors. All patients were treated at the first dose level
during the third quarter. The second dose level was initiated in
October.
* Transgene initiated a Phase II clinical trial of its immunotherapeutic
MVA-HPV-IL2 vaccine product candidate for the treatment of cervical
cancer in October 2001. The trial is being conducted in Mexico and
will include up to 57 women, each with varying stages of
HPV 16 cervical cancer that is either resistant to radiotherapy or has
recurred after radiotherapy.
* Transgene expects to initiate Phase II clinical trials of its
MVA-Muc1-IL2 vaccine product candidate for the treatment of various
Muc1 positive cancers in the fourth quarter of 2001.
* Transgene also expects to initiate a Phase I clinical trial of its
immune stimulation Ad-IFNg product candidate for the treatment of solid
tumors, especially lymphomas, in the fourth quarter of 2001.
Other recent corporate developments include the revocation by the European Patent Office of European Patent No. 0 465 529, issued to Vical Inc., which covered the use of plasmid-DNA as a vector, following an opposition proceeding by several parties including Transgene. Transgene uses a plasmid-DNA vector for its muscular dystrophy product candidate. Vical has announced its intention to appeal the revocation.
Transgene, based in Strasbourg, France, with an office near Boston, Massachusetts, is a biopharmaceutical company dedicated to the discovery and development of gene therapy products and delivery technologies for the treatment of diseases for which there are no cures or adequate treatments at present, with a focus on the development of gene therapy products for the treatment of cancer. Transgene has products in clinical development to treat a variety of cancer indications. Transgene's proprietary vector technology platform consists of multiple vector families with an emphasis on adenovirus, vaccinia and synthetic vectors.
This press release contains forward-looking statements, including statements regarding Transgene's strategy and prospects. Statements that are not historical facts are based on Transgene's current expectations, beliefs, estimates, forecasts and assumptions. The statements contained in this release are not guarantees of future performance and involve certain risks, uncertainties and assumptions which are difficult to predict. Accordingly, actual outcomes and results may differ materially from what is expressed in such forward-looking statements. Important factors which may affect Transgene's future operating results include the following: Transgene may be unable to conduct its clinical trials as quickly as it has predicted, Transgene's product candidates may not demonstrate therapeutic efficacy, Transgene may be unable to obtain regulatory approval for its product candidates, Transgene may not have sufficient resources to complete the research and commercialization of any of its product candidates, competitors may develop technologies or products superior to Transgene's technologies or products, and other important factors described in the section entitled ``Risk Factors'' in Transgene's Annual Report on Form 20-F for the year ended December 31, 2000 filed with the U.S. Securities and Exchange Commission. |
